While it is crucial that you have a will in place, it is equally important that you update will documents as necessary. There are many different circumstances that can directly impact your will, from bringing a new child home to getting a divorce. If you neglect to alter your will after a significant life event, the document may fail to live up to your final wishes. Here are a few reasons to review your will.
Changing financial status
Declining finances can complicate your will if the amounts you are providing to heirs does not equal the real value of your estate. In the same respect, promising a person an asset in a will only to have the asset appreciate in value over time could affect your decision. Consider reviewing your will every three years or so to make sure it still accurately reflects your financial outlook.
Moving from one state to another
Each state has its own laws regarding the creation of wills. If you move from one state to another and use the same will, there may be inaccuracies. If you are making such a move, consider having an attorney in your new state of residence look over your will to make sure it is compliant to local laws. The last thing you want is for your will to be considered invalid by the court at the time of your death.
Gifting a valuable item to a child
Many people downsize as they grow older, which often entails dispersing belongings as gifts to immediate family members. When gifts are particularly valuable, they could impact the valuation of the estate. Make sure your will is updated after any gift-giving or downsizing of possessions, especially if the items given away are listed in your will as going to another beneficiary.